- 期刊
- OpenAccess
銀行評價：整合財務績效及金融商品創新、市場競爭力之觀點
Bank Valuation for the Basis of Financial Performance with Innovation and Market Power by Short Panel Analysis
摘要
本研究探討銀行內部的創新活動，進而觀察其外部表現的市場競爭力，冀求解析在目前激烈競爭的金融環境中，金融創新活動及市場競爭力是否對銀行價值有所影響。而以往文獻對創新活動的探索大都以製造業為主，本研究則以銀行產業為研究對象，剖析創新活動在銀行發展及成長階段，對其價值影響之程度。本研究依據Ohlson(1995)模型，修正市場構面因素，延伸此一面向用以分析財務報表上帳面價值外的解釋能力，採用民國86年至91年之追蹤資料(Panel Data)進行實證分析，由於是短期的追蹤資料分析，過去的學者對於短期有異質性的追蹤資料著墨不多，本研究試著以計量方法解決，以補足資料小樣本的特性。實證結果發現，金融創新活動在現今金融環境體系下，對銀行市場價值的影響並不顯著;但市場競爭力愈強，對市場價值有顯著影響，顯現出銀行的外在能力表現可以增加說明其帳面價值，也指出帳面價值無法完全表達的地方。
並列摘要
This research confers to the internal innovation of banks and then the market power which is the external behavior of banks. To know how the financial innovation and market power affect banks' market value in this keen competition of the financial environment. In the previous study, this discussion about innovation is almost in the manufacturing industry. However, financial innovation, which plays an important role for banks in recent years, bank valuation is gradually pay attention. So this topic is valuable for study in-deep. This research adopts Ohlson's (1995) model and, analyzes explanatory capability extended the book value of the financial statement. We collect panel data set for the period 1997 to 2002 to investigate this debate. Because this data set is short panel data which exists heteroscedasticity, we use bootstrap method to catch more data to overcome the shortcomings. Empirical results show that financial innovation influences the market value of banks statistically insignificant, and then indicate a positive correlation between the market power and the market value of banks. It implies the external ability of banks which has capability enough to explain the market value of banks fully besides banks' book value.